By Joel Bowman, Editorial Director, International Man
January 23, 2019
LA CONDESA, MEXICO CITY — Markets sold off yesterday, with the Dow ending the session 300 points lower as “fears of an economic slowdown intensify” (CNBC).
Could this be the beginning of the long-awaited downturn for stocks? Or is it merely another blip on the bull market’s gravity-defying march higher?
Up or down? North or south? Hither or thither? We wait to find out, along with the rest of the world’s weary investors…
Meanwhile, your editor has directional issues of his own to tend to. An incurable itinerant, we have one foot in Mexico… the other in Colombia.
Medellin, in the Departamento de Antioquia, may be Colombia’s second largest city… but she plays bridesmaid to none in terms of sordid recent history. Home of Pablo Escobar’s infamous Medellin Cartel, the city was one of the most dangerous metropolitan on the planet.
Public shootouts… turf wars… a generation torn apart by violence and destruction…
But nothing lasts forever. Markets turn… empires rise and fall… and even the most notorious drug kingpins eventually run out of luck.
So was the case in Medellin, where crime rates began to steadily decrease after Escobar’s death in 1993. Then, through the late ‘90s and ‘00s, the homicide rate fell by 95%... and extreme poverty dropped by two-thirds.
Statistically, you’re more likely to be gunned down on the present day streets of Detroit, St. Louis, New Orleans or Baltimore than you are to find a bullet in Escobar’s old stomping grounds.
We’ll have more from the international frontlines over the coming weeks and months... including some potential real estate investment opportunities in the “City of Flowers.”
Joel Bowman for International Man